Investing.com -- Sage Therapeutics, Inc. (NASDAQ: SAGE ) stock climbed 2.5% today, reflecting investor sentiment after the company announced the initiation of a strategic review process and the rejection of an unsolicited acquisition proposal from Biogen Inc. (NASDAQ: BIIB ).

The company's Board of Directors is exploring a range of strategic alternatives to maximize shareholder value, including potential transactions, business combinations, or a sale. This announcement comes after the unanimous decision to turn down Biogen's nonbinding offer to purchase all outstanding Sage shares for $7.22 each, a proposal made on January 10, 2025.

No specific timetable has been set for the review process, and Sage has stated that there is no certainty of any transaction or strategic outcome. The company has expressed its intention not to disclose further developments unless it becomes appropriate or necessary. Meanwhile, Sage remains committed to making ZURZUVAE the standard care for women with postpartum depression (PPD (NASDAQ: PPD )).

Goldman Sachs & Co (NYSE: GS ). LLC is serving as the financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is the legal counsel for Sage during this strategic review process.

Investors appear to have responded positively to the news of the strategic review, despite the rejection of Biogen's acquisition offer. The rise in stock price indicates market confidence in the potential for value maximization through the strategic alternatives being considered. As the situation develops, shareholders and potential investors will be looking closely for any updates regarding the outcome of the review process.

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